Encouraging new US manufacturing data helped industrial commodities move higher yesterday, and pushed the Dow Jones and S&P 500 to their highest closes since May 2008. The silver price was the standout performer among the precious metals, gaining around 2.4%, with platinum and palladium also outperforming gold as traders bought risk assets.
The gold price tested resistance at $1,680, but was unable to break above this level. And though silver is now above $32.50 – a consistent resistance point on the weekly silver chart – bulls will need a convincing settlement above $33 before we can start talking about silver being “off to the races” again.
As commented in yesterday’s gold news article, while economic indicators in America are improving (though official statistics give a somewhat rosy take on the matter), things continue to go from bad to worse for certain eurozone countries, with youth unemployment in Spain and Greece now standing at 50.5% and 50.4% respectively.
These disastrous statistics should put into perspective all the blather about rising stock markets. A social tragedy is unfolding in these countries, and it’s hard to see a way out for them that does not involve considerably more economic pain. Sean Corrigan of Dispason Commodities sums it up in a new article at the Cobden Centre: “Thus, Europe’s underlying travails continue unabated, no matter what temporary reduction in sovereign stress the actions of the central bank, in concert with the conclusion of the Greek debt swap, may have effected.”
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Silver Price Gains On Bullish US Manufacturing Data: April 3, 2012
Published 04/03/2012, 09:13 AM
Updated 05/14/2017, 06:45 AM
Silver Price Gains On Bullish US Manufacturing Data: April 3, 2012
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